Australian private property developer ICD Property and City of Adelaide have announced receipt of development approval from the State Commission Assessment Panel (SCAP) for the A$400m ($305.8m) Central Market Arcade redevelopment project in South Australia.
The Central Market Arcade Redevelopment project will see Central Market being expanded, and will include residential, hotel, office accommodation and retail spaces.
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ICD Property managing director Matthew Khoo said: “We are thrilled to receive the State Commission Assessment Panel’s approval of our development application to be now called Market Square.”
Situated adjacent to Adelaide Central Market, Market Square, a joint venture project between ICD Property and the City of Adelaide, is expected to provide an overall boost of $135m to the state economy.
Ground breaking of the project is slated to take place in the second half of 2021.
Once the project is completed, the annual precinct visitor numbers are expected to rise by over a million.
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By GlobalDataAdditionally, the project is expected to create better access through Victoria Square, Grote Street and Gouger Street. The office will feature seven levels of A-grade commercial space.
Khoo added: “A key component of our innovative precinct is the 15,000 sqm office building. We have recently appointed JLL to undertake the leasing. This workplace is a much-needed addition to the city’s commercial offerings and will be highly sought-after for its premium location, inspired design, connectivity, and amenities. Modern, sustainable, and featuring the best technology, the Market Square office has been designed to create a better working life.
“It’s easy access to the precinct’s amenities such as the terrace garden and Market Hall Atrium gathering place make it completely unique. Additional features like proximity to the precinct’s dedicated hotel, childcare facilities, tenant parking and exclusive VIP precinct access make it an unmissable opportunity.”
ICD Property has teamed up with Australian property development firm Sinclair Brook and Adelaide-based architecture firm Woods Bagot for the project.
The construction period for the complete development is expected to take three and a half years.
ICD Property stated that it will work closely with the Adelaide Central Market Authority (ACMA) and builder, which is yet to be selected.
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Rendering of the A$400m Central Market Arcade redevelopment project in South Australia. (Credit: Innovative Construction & Development Pty Ltd.)
